Picric Acid Market

Picric Acid Market: Overview

The market size for picric acid was USD 34.3 billion in 2021, and it is projected to grow at a CAGR of 7.6 percent during the forecast period. Due to its use in rocket fuel and other explosives as a booster, picric acid's demand in the defense sector is likely to increase, as is its demand in medicine as an antiseptic and burn treatment. Additionally, picric acid is used to manufacture dyes, photographic chemicals, and insecticide intermediates. Picric acid is extremely corrosive in its natural form, which impacts its demand. To increase sales of picric acid, manufacturers developed a large platform for the products to serve the entire picric acid market. Increasing competition in picric acid sales worldwide has led to new competitors offering a wide range of options at reasonable prices, making picric acid more accessible to consumers.

Due to increased acquisitions of explosives and ammunition by the defense and military sectors, picric acid demand is expected to rise due to a demand for explosives and munitions. Due to the mining sector's use of industrial-grade explosives, picric acid sales spike, causing an increase in picric acid demand. Furthermore, the growing agrochemical sector is expected to benefit from picric acid sales. The combination of general-purpose drugs will also boost picric acid sales. In addition, picric acid color formulations are likely to be in high demand from the textile industry. End users are seeking alternatives to picric acid due to its toxicity in response to growing environmental concerns. The growing awareness of environmental pollution and safety has led to strict environmental regulations. The above reasons may sometimes limit picric acid's growth and sales.

The chemical industry contributes significantly to the economy. According to the U.S. Bureau of Economic Analysis, chemical products contributed around 1.9% of GDP to the U.S. in 2020. In addition, the Chemical industry is expected to contribute 16.43% of manufacturing value-added to the U.S. economy in 2018. With the growing demand for chemical products from end users, the market for chemical products is expected to grow. Between 2017 and 2030, chemical sales are expected to almost double, according to UNEP (Unitthused Nations Environment Programme). Thus, the increasing chemical industry is expected to fuel the demand for picric acid in the market.

Picric Acid Market: COVID-19 Impact

It has been noticed that the COVID-19 outbreak has adverse effects on the chemical industry. The chemical industry produces a wide range of plastics, fertilizers, medicines, packaging products, etc. As a result of the spread of Coronavirus, several end-user industries have halted production. As a result, the demand for chemicals used in these facilities has decreased. Due to several manufacturers' halt in production facilities, the chemical industry supply has fallen steeply. Therefore, COVID-19 continues to spread across the globe, affecting the demand for chemicals.

Picric Acid Market: Drivers

Major Development by Key Player is Expected to Drive Market Growth

The recent development by the major player is expected to boost the demand for picric acid in the market. This new type of potassium granular fertilizer has been shown to boost yields by utilizing micronutrients. Mosaic Company (United States) introduced Aspire in October 2016. This product introduction aided the corporation is expanding its range of premium fertilizers by ensuring consistent distribution of potassium and boron in each granule of Aspire with Boron. Also, in December 2016, The Mosaic Company (the United States) acquired the Fertilizer business of Vale S.A. (Brazil), a global enterprise engaged in metals and mining. Through this acquisition, Mosaic hopes to become the largest fertilizer producer and distributor in Brazil, one of the most important agriculture markets in the world. The corporation could take advantage of Brazil's rapidly growing agriculture sector by making this acquisition. These developments are expected to spur the demand for picric acid in the market.

Increasing use in Various Application Driving Market Growth

In addition, the use of picric acid in healthcare due to its antibacterial and astringent properties also contributes to the growth of the global picric acid market. Additionally, the low fuel cost and the growth of the mining, textile and healthcare industries also contribute to market growth. Due to increased acquisitions of explosives and ammunition by the defense and military sectors, picric acid demand is expected to rise due to a demand for explosives and munitions. Due to the mining sector's use of industrial-grade explosives, picric acid sales spike, causing an increase in picric acid demand. Furthermore, the growing agrochemical sector is expected to benefit from picric acid sales. The combination of general-purpose drugs will also boost picric acid sales. In addition, picric acid color formulations are likely to be in high demand from the textile industry.

Picric Acid Market: Restraints

Growing Awareness of Environmental Pollution and Safety to Hamper Market Growth

When exposed to picric acid for a prolonged period of time, the human body suffers detrimental effects. Since picric acid has adverse environmental effects, environmental regulatory bodies have implemented restrictions on its use. In addition to the implemented and pending regulations, several other factors hamper the growth of the global market.

Picric Acid Market: Segment Overview

Dry/Dehydrated to Dominate Market due to their Shelf Life

Picric acid crystals are yellow and odorless when dry and dehydrated. It is highly unstable and is commonly used as a powerful explosive. Dry picric acid has a longer shelf life than other segments. Therefore, it is highly used in the end-use industries. However, Other end-use industries use wet picric acid because it is less reactive but unstable.

With Increased Demand for Pharmaceutical Products; Pharmaceuticals Category Dominated Market

In the forecast period, the pharmaceuticals segment held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. The use of picric acid in healthcare due to its antibacterial and astringent properties also contributes to the growth of the global picric acid market. However, picric acid will be in greater demand as the defense and military industries demand ammonium and explosive equipment. In addition to being used in munitions production, picric acid can also be used as a booster or for rocket fuel. Its main uses include explosives, like explosive D, TNT, and TATB.

Picric Acid Market: Regional Landscape

Asia Pacific to Dominate Market Due to High Number of End-Use Segments

Over the forecast period, it is anticipated that the Asia Pacific market will account for the largest revenue share and is anticipated to experience stable revenue growth throughout the forecast period. The Chinese pharmaceutical industry has gained over USD 120 billion in 2018 and is expected to grow to over USD 450 billion in 2021, thanks to a growing customer base, burgeoning infrastructure development, and viable developments in the textile, agriculture, and pharmaceutical industries in the region. This predicts significant growth in picric acid markets in the future. Government subsidies, relaxed environmental norms, and easy access to raw materials & labor have served as production bases for key vendors globally. According to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and contributed 3.4% to global chemical production. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.

Global Picric Acid Market: Competitive Landscape

In October 2016, Mosaic Company (United States) introduced Aspire. This product introduction aided the corporation is expanding its range of premium fertilizers by ensuring consistent distribution of potassium and boron in each granule of Aspire with Boron. Moreover, in December 2016, The Mosaic Company (the United States) acquired the Fertilizer business of Vale S.A. (Brazil), a global enterprise engaged in metals and mining. Through this acquisition, Mosaic hopes to become the largest fertilizer producer and distributor in Brazil, one of the most important agriculture markets in the world. The corporation could take advantage of Brazil's rapidly growing agriculture sector by making this acquisition.

Few of the players in the picric acid market include BASF SE, DowDuPont Inc., Innospec, Odyssey Organics, Aadhunik Industries, Anmol Chemicals Group, Hefei TNJ Chemical Industry Co., Ltd., Spectrum Chemicals, Loba Chemie Fine Chemicals, Merck KGaA, Ricca Chemical Company, and Mubychem Group.

Regional Classification of the Global Picric Acid Market is Described Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global Picric Acid Market

• Picric Acid Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value and Volume, 2018 - 2022
• Volume Consumption at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Production Output Analysis (Major Producing Regions)
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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